Miller Industries boosted net sales by 9.8 percent last year to $541 million, helping to increase 2015 profits for the Ooltewah-based towing equipment maker by 7.6 percent over the previous year to $16 million, or $1.41 per share.
In the final three months of 2015, Miller reported net income of $3.9 million, or 34 cents per diluted share. Miller also reported net sales of $136.4 million in the final quarter of 2015.
A year ago, the world’s largest towing and recovery equipment manufacturer reported fourth-quarter net income of $5.7 million, or 50 cents a share. Also last year, the company reported fourth-quarter net sales of $147.8 million.
This year’s fourth-quarter net sales were a 7.7 percent decrease from 2014.
Jeff Badgley, co-CEO at Miller, said in earnings commentary that the year-over-year quarterly decrease is, in some part, due to upward-skewed 2014 fourth-quarter sales that “reflected the culmination of a number of deliveries of government-related orders in that quarter that were unique deliveries and one-time in nature.”